The ultimate guide to real estate during COVID-19

Looking for a guide to walk you through all the real estate questions you have while we deal with the Coronavirus pandemic? Well, you’ve found it! We have created the ultimate guide to address all your questions and concerns and we are updating constantly! Let’s get started…

What will happen with foreclosures during COVID-19?

In 2008 when everything went haywire we saw a MASSIVE influx of foreclosures on the market. You couldn’t drive down any residential street without seeing three or four bank-owned properties for sale. Now, the Coronavirus pandemic is a very different circumstance than that of 2008 so I want to talk through how this process works and I will share with you my opinion of what we will see happening in terms of foreclosures.

If you’re worried about your current situation or have any questions, reach out to us – we are here to help you! We work hard to stay up-to-the-minute on the volatile market conditions during this time and we can advise you accordingly. You have many options and possibilities available to you so contact us at (248) 397-5033 or email us at [email protected] and let us help you make an informed decision.

Should I buy a house during COVID-19?

Maybe you’ve been considering purchasing a home for a while now and you’re wondering “should I buy a house now with all this Coronavirus craziness?” Or perhaps you’ve been thinking about buying an investment property and you’re wondering if now is the time to swoop in and get a good deal? Let’s talk about whether or not you should buy a house now or in the coming months because of the current Coronavirus situation.

My current advice to buyers is this:

  • Do not expect to get a much cheaper house because of the Coronavirus.
  • You will likely see more inventory and less competition in the next 3 to 6 months.
  • Do not wait until things are “back to normal” or you might be back in the same spot fighting over houses with other buyers.
  • If you are excited to buy right now and you have job stability, stay in the game! You may find more options available to you than before.
  • If you have to sell your house first before you can buy, do that now! Then take your time on the buy-side and find the property you love.

Should I sell my house because of COVID-19?

One of the biggest questions in the real estate market right now is “should I sell my house?” Well, let’s walk through a few scenarios when it might make sense to sell your house and when it might make sense for you to stay where you are.

Using what I know from what's happened in the past, these are the scenarios in which I would sell now:

  1. You were already planning on selling within the next year or so – list it now!
  2. You are in the position that you need the cash flow that would come from selling your home – maybe you lost your job or you have a rental property that is no longer making any income.
  3. If you didn’t already plan to sell and had the intention of staying in your home for 5 or more years, I wouldn’t suggest selling now. Sit tight and enjoy your house! I don’t think we will see a big swing in values and for market timing reasons it doesn’t make sense to sell now. Eventually, things will come back around.

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Whether you decide to buy, sell, or wait until normalcy returns, we're here to answer any questions you may have.

We're here to help.

Now more than ever you need a guide to help you navigate the real estate marketer, especially during these difficult times. Whether you need to sell or are looking to buy, we're here to help.

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